China launched a platform for centralized commercial paper trading on Thursday to promote and better regulate a 15 trillion dollar market.

"China's Commercial Paper market has been growing rapidly, and is playing a positive role in corporate financing and forming a multi-layer financial system, it will boost transparency and efficiency of the market...and help ward off risks. It will also improve the mechanism of macro-management, and improve the channel for monetary policy transmission."said Pan Gongsheng,Dep.governor of People's BanK of China.

Commercial paper trading is being increasingly tapped by small businesses in China to meet short-term financing needs.

The Shanghai Commercial Paper Exchange Corp, overseen by China's central bank, is the government's latest effort to improve its financial infrastructure, and will help consolidate a fragmented market that has seen a series of scandals in recent years that involves Agricultural Bank of China and China CITIC Bank.